Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/315842 
Year of Publication: 
2021
Citation: 
[Journal:] Economic Thought [ISSN:] 2049-3509 [Volume:] 10 [Issue:] 2 [Year:] 2021 [Pages:] 47-53
Publisher: 
World Economics Association, Bristol
Abstract: 
Critiques of Neoclassical Economics extend, unsurprisingly, to its mathematical structure. The discussion has largely focused on General Equilibrium Theory (GET), a formalism developed by Léon Walras over a century ago. Internally consistent, but highly unrealistic, GET lacks predictive power, and has been a historical failure. As an alternative, this article proposes a methodology largely developed by Gräbner et al. (2019), in which Agent-Based Models (ABMs) are linked with existing Equation-Based Models (EBMs) as a means of developing a more powerful formalism. The approach is illustrated by application to the Arrow- Debreu (AD) model of Neoclassical theory, and the Kuznets Curve of Developmental Economics. Broader implications for the social and natural sciences are briefly considered.
Subjects: 
economic methodology
Agent-based modeling
Equation-based modeling
JEL: 
C02
C63
E13
Creative Commons License: 
cc-by-nc Logo
Document Type: 
Article

Files in This Item:
File
Size





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.